BEIJING, October 15 (TMTPOST) — Chinese electric carmaker WM Motor has recently completed its series D1 round financing backed by PCCW Limited and Shun Tak Holdings. According to WM Motor’s partner and CFO Zhang Ran, the company is hoping to go public overseas. However, details of WM Motor’s public listing plan cannot be revealed for the time being, Zhang said.
Source: Visual China
WM Motor has raised a total amount of RMB35 billion from the 11 financing rounds, excluding the RMB11.5 billion credit extension from several banks and financial institutions in February this year.
The company's peers in the industry, NIO, Xpeng Motors, and Li Auto, have already gone public.
PCCW Limited and Shun Tak Holdings are owned by the famous Li Ka-shing and Stanley Ho family respectively. PCCW Limited is a Hong Kong-based information and communications technology company. The company is the majority owner of telecommunications company HKT Limited, and also holds a majority stake in Pacific Century Premium Developments Limited. Shun Tak Holdings Limited is a leading listed conglomerate with core businesses in property, transportation, hospitality, and investment sectors. The recent financing shows the two companies’ confidence in WM Motor.
Established in 2015, WM Motor is a Shanghai-based Chinese electric carmaker founded by Shen Hui, Volvo’s former senior VP and president of Volvo China. WM Motor’s EV brand Weltmeister specializes in the creation of battery electric vehicles. It launched its first production car, the EX5, in May 2018 at the Beijing Auto Show, with deliveries starting in September 2018.
WM Motor had three goals when it was established. First, the company aimed to be a leading figure in popularizing electric vehicles in the market. Then the company would work to become a company specializing in data-driven smart hardware. At last, the company would strive to become a service provider in smart mobility.